The probationary period is ambiguous when it comes to awarding a loan. On the one hand, there is a regular income in possibly sufficient amount, but on the other hand, it is uncertain whether this income will persist for the required period of time. If you can not postpone taking a loan and need a loan despite the probationary period, you may need to look elsewhere.
Credit despite probationary period at the bank – guarantor and co-applicant
Before turning away from your own bank, chances should be checked to get the benefit of borrowed money. Because if certain conditions are met, the probationary period is no longer too important. The simplest option would be to find a guarantor who is in charge of providing the debt service. Of course, this person needs a regular income and should not be in a probationary period for this endeavor to work.
Another possibility is found in the co-applicant. This could be, for example, the spouse or friends and relatives of the applicant. In contrast to guarantors, co-applicants are liable from the very beginning. So you must always ensure a regular service of the credit obligations and do not jump in like the guarantor only if it can no longer be provided by the main applicant.
However, some banks grant a loan despite the participation of third parties despite a probationary period. Several factors can play a role here. This makes it much easier for banks to lend to highly qualified professionals, even if they are still in probationary periods. Such loans should not be expected too much. In most cases, this is a discretionary credit whose credit line is limited to a relatively small amount.
However, a credit line can be very flexible, both in terms of utilization and repayment. In contrast, disbursements are very expensive compared to installment loans. Anyone who requires a loan despite a probationary period for larger investments is therefore wrongly advised. With a credit line, only short-term liquidity fluctuations can be compensated, but no long-term investments can be made.
Almost always possible: The trade credit
Traders, on the other hand, are not so sure about the collateral. At least not when compared to banks. For with a merchandise credit, the purchased item serves as security, whereby a loan is possible despite probationary period. This is made possible by the retention of title. The buyer or borrower is the owner of the goods, not the owner. If he does not comply with the payment of the loan amount, he is soon no longer an owner.
Proof of income is not required as long as a certain value of goods, which in turn is at the discretion of the dealer, is not exceeded. It is also rarely asked whether the borrower is currently in a probationary period.